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You probably thought that you were done with the days of financial education, but things get tricky when you become an older adult and retire. If you’ve accumulated wealth over your working years, it will be much easier to budget. Unfortunately, older adults often find themselves with a smaller income, budgeting concerns and age-related financial stressors during their golden years.

Let’s take a look at some money-saving tips for yourself or the older adults in your life.

Budget Your Needs Carefully

Once you retire, you’re not going to be receiving the same amount of income. This means that you need to lower your expenses.

Start by assessing your true living expenses. Reduce spending where you can. Do you need a big cable package? Is the timeshare still a good investment? Is setting up a 529 college savings account for the grandkids better than handing them money?

Take Advantage of Senior Discounts

Getting older doesn’t have to be all bad. Many places offer senior discounts, so take advantage of them. Senior discounts are a great way to shave money off your bills from restaurants, grocery shopping, department stores, movie theaters, museums, banks and more. There are even utility discounts! Always ask before hanging up the phone.

Shop for a New Medicare Plan

It’s a good idea to shop for new Medicare coverage from year to year. As your needs change, so might your coverage. Plus, changes in the health reform can affect pricing and policies, so check your options when open enrollment comes around.

Get Fraud Protection on Your Accounts

Older adults are at a higher risk for financial fraud. Fortunately, you can take control over your accounts by speaking with your bank and setting certain preferences. Also talk to your bank about their approach toward fraud prevention. These days, you can be alerted for all types of happenings, including large withdrawals or debit cards being used in different locations.

Set Auto Payments

If you pay your bills online, you can set up auto payment and have your monthly payments withdrawn on the same date each month. This way, you never have to worry about sending in bills or paying late fees. You might even see a nice boost in your credit score. When possible, pay your bills annually rather than monthly. You’ll end up saving money because of the lower interest.

These are just a few of the ways that you can save money as you grow older. With less money coming in, you need to be smarter about where your dollars go. As much as you may want to be generous or continue living the same lifestyle, being smart about your spending habits will grant you more financial freedom and independence in the later years.